The Prices of Condos in a City Are Normally Distributed

question 88

Short Answer

The prices of condos in a city are normally distributed with a mean of $90,000 and a standard deviation of $28,000.
a.The city government exempts the cheapest 6.68% of the condos from city taxes. What is the maximum price of the condos that will be exempt from city taxes?
b.If 1.79% of the most expensive condos are subject to a luxury tax, what is the minimum price of condos that will be subject to the luxury tax?

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Definitions:

Serotonin

A neurotransmitter in the brain that plays a key role in modulating mood, emotions, and various bodily functions like sleep and appetite.

Schizophrenia

A long-lasting and serious psychological condition that influences an individual's thinking, emotional state, and actions, typically marked by false beliefs, sensory experiences without a stimulus, and confused thought processes.

Schizophrenia

is a serious mental disorder characterized by disturbances in thought, perception, and behavior.

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